By Ruth Mantell
WASHINGTON (MarketWatch) -- The average rate on the 30-year fixed-rate mortgage rose to 3.42% in the week ending Jan. 24 - the highest rate since late September -- up from 3.38% in the prior week, Freddie Mac said Thursday in its weekly report. Despite the gain, rates remain near record lows. A year ago, the 30-year rate was at 3.98%. "Fixed mortgage rates were up slightly over the holiday week but remain highly affordable and should continue to aid in the ongoing housing recovery," said Frank Nothaft, Freddie's chief economist, in a statement. The 15-year fixed-rate mortgage rose to 2.71% in the latest week from 2.66% in the prior week. Meanwhile, the average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage remained at 2.67%, and the 1-year Treasury-indexed ARM remained at 2.57%.
